The news from the world's financial markets last week was not good - actually scary for many. In a lucid piece in today's Boston Globe, Professor Mihm of the University of Georgia writes that the world economy is being driven by a vast secretive web of investments that might be out of anyone's control.
In a sidebar to the article, Mihm has a brief field guide to the "the new financial jungle" - acronyms that we may be hearing more of in the next year - CDO (Collateralized debt obligation), CDS (Credit default swap) and SIV (Structured Investment Vehicles).
Buckle up for the ride!
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